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It matters less, but it still matters. It is just another data point to compare. Particularly the sooner recruiting happens, the less experience you have, and therefore the more the PE firms need to rely on your academics / limited banking experience versus your interview performance. So I would not expect it to go away completely just because you landed a job at a good bank and came from a good university.

Also, buyside firms are well aware that nepotism exists in investment banking (just as it does on the buyside). While not a huge factor, they will certainly consider whether you were hired based on connections when trying to understand your ‘story.’

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Had a 3.5 and recruited from a BB. Non-diversity male from a target. Ended up at a MF and got good looks during on-cycle. Never came up in actual interviews, but I had a tight story with the headhunters and got in front of it. They play an extremely outsized role in the process. Basically, you need to convince them you will get hired and that you’re a revenue opportunity for them. They might initially be skeptical due to lower GPA, so I think it’s really important to explain why it’s a little lower than you hoped and then pivot to talking about deal experience, performance at bank, etc. I did this successfully with all the HHs except one, which basically didn’t give me the time of day. The rest were totally on board and put me into great processes. Once you’re in an actual process with a firm/the headhunters passed your resume to them, crushing the interviews, developing rapport with the team, etc. is the most important thing, and in my experience, that can outshine any GPA concerns. Obviously, if a firm is on the margin between candidates, GPA might be a tie-breaker, but I think it’s really most important during the initial “get in the process” phase.

 

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